Hassan Maishera
TL;DR
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Bitcoin has shed 4% of its value in the last 24 hours and trades below $57k.
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Spot Bitcoin ETFs recorded their largest outflows since May.
BTC Dips Below $57k as Market Records Selloff
The cryptocurrency market has continued its selloff, with Bitcoin and most altcoins currently in the red. As the leading cryptocurrency by market cap, Bitcoin is down 4% in the last 24 hours and could dip further as bears remain in control.
At press time, Bitcoin’s price stands at $56,522. If the bearish trend continues, BTC’s price could slip below $55k in the near term.
As seen in recent weeks, Bitcoin’s performance is tied to the net flows of spot Bitcoin exchange-traded funds (ETFs). On Tuesday, US spot Bitcoin ETFs recorded $287.78 million in net outflows, the largest negative flows since May.
According to SoSoValue, Grayscale’s GBTC recorded the largest outflow, with $50.39 million leaving the fund. Meanwhile, BlackRock’s IBIT, the largest spot bitcoin ETF by net assets, logged zero flows on Tuesday.
Ark and 21Shares’ ARKB reported outflows of $33.6 million, and Bitwise’s BITB saw $24.96 million in net outflows. Other ETFs managed by VanEck, Valkyrie, Invesco, and Franklin Templeton also recorded modest outflows.
The massive outflow came following a market selloff, with Wall Street plummeting on Tuesday on weaker ISM data in the U.S.
TON remains in the top 10 but was the worst performer amongst the leading cryptocurrencies over the last 24 hours. The coin lost 10% of its value and now stands at $4.75.
With the bears now in control, the total cryptocurrency market cap has dropped below $2 trillion for the first time in weeks.
